The state pension is currently protected by a triple lock policy – which means it rises in line with the highest of the rate of inflation, average earnings growth or 2.5 per cent - but its future is in doubt
A retired couple would need £398,000 shared between them in private pension to buy the annual payout they get from the state pension, experts have calculated.
Couples retiring today with a full state pension entitlement currently receive joint state pension income of £21,200 each year, and the income is “worth more than most people could dream of saving themselves in their pensions” according to a retirement expert. A couple getting £21,200 would need £398,000 shared between them to buy the same income with a workplace or private pension pot if they were to purchase an annuity – a pension for life – with their savings, according to Interactive Investor.
And Alice Guy, the organisation’s head of pensions and savings, has said that the figures demonstrate how “precious” the state pension is, with average workplace pension wealth “still too low to provide a decent retirement income.” She said that the average pension pot for over 55s currently stands at £91,400 for employees and is “shockingly low” for over 55s who are self-employed or have a disability.
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